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Forex Bots-Legit or Scams?

Discussion in 'Making Money' started by Koolkitkat, Aug 21, 2012.

  1. Koolkitkat

    Koolkitkat BANNED BANNED

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    I have researched Forex bots for the past few days on many different forums. I see people winning with forex bots and I see people losing with them. Anyone have experience with forex bots? Are the legit or not?
     
  2. hpv222

    hpv222 Power Member

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    A software program that picks money from the money tree while you sleep - of course they are legit... ;)
     
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  3. John.

    John. Power Member

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    lol what he said
     
  4. Autumn

    Autumn Elite Member

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    I'm sure there are high level forex bots that make a profit, just like there are high frequency trading systems that make millions of dollars a day.

    But somehow I doubt that something you buy for $47 from Clickbank is going to make you a millionaire.
     
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  5. lucaslee

    lucaslee Junior Member

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    no way.....
     
  6. neutralhatter

    neutralhatter Jr. VIP Jr. VIP Premium Member

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    As usuall partially.... some of these bots make money for 6 months straight, but eventually fail and make you loose your money... If you want to win, you need to find someone(not just a bot) who is winning for on the long run for more than a few years...
     
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  7. codexehow

    codexehow Power Member

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    Forex bots are always scams. They can't adapt to changes in the market.

    Expert Advisors are not bots, and can work, but they are still less effective than a good trader.
     
  8. baronthedivined

    baronthedivined Junior Member

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    scams
     
  9. OnlineA

    OnlineA Regular Member

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    They are no changes in the forex markets. There are some systems most people study and use and thats why they work in the first place(if most think there is a pivot point at 1.2534, then there IS a pivot point at 1.2534), BUT then there are the big banks who just laught at all these systems and can change the direction any time for any amount and just earn billions while taking those billions from hundreds of thousands of people, obviously. Forex robots can work, if set up right, but not scalpers, since most brokers are scammers who just wait for you to set a tight stop loss to hit it and get your money(even though the price was never at your stop loss level in the real market). The whole forex is a big scam created by big banks, but there is a lot of money to be made there, if you see the big picture.
     
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  10. psytrance

    psytrance Power Member

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    Why scam? This days there are bots for everything... And the bot doesnt matter at all if the person running is dont have a clue how to use it. Its like scrapebox actualy ahah or any other seo tools - if you run it bad you get penalized ^^

    Unless you have high budget for investment stay away!! I lost some bucks last year. any kind of forex is not for avg. people. IM is way more fun and safe ^^
     
  11. blogbd1

    blogbd1 Jr. VIP Jr. VIP Premium Member

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    Forex robots are just automation of a trading system which execute trade based on certain conditions. But the problem is they can't detect the unexpected changes in the market or x-factors due to any economic changes or other issues, therefore they loose money on the long run. Robots can make money and also can blow the account very quickly.

    I personally dont feel comfortable putting my money in the hand of a tool. That my personal view. I believe if a person does not enjoy watching the market and trade, he/she should not trade on market. There are plenty of other businesses out their for them.
     
  12. ButcherPete

    ButcherPete Regular Member

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    I would say that this old adage applies here:

    "If it were that easy to make money, everybody would already be doing it."

    The markets are not as simple as that; they cannot be figured out and gamed by an automated computer program. Your best bet at making money in the stock market is to diversify your investments; don't invest all your money in one stock, because this leaves you vulnerable to inevitable declines in stock price for that particular industry. You have to own a little bit of everything... Small cap, large cap, foreign stocks, precious metals, commodities, utilities, etc. Consider indexing; that is, owning the whole market. Unless you become an expert at picking stocks through years and years of experience, research, and education, you're probably better off with indexing.
     
  13. Gigabet

    Gigabet Junior Member

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    quoted for truth
     
  14. HaiiroNeko

    HaiiroNeko Power Member

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    Pretty much every product that promises you to make huge returns without doing anything is a scam. If somebody would have such a bot, why would he sell it for a few bucks and not just make millions using it himself and keep it secret? If something seems to good to be true, it usually is.
     
  15. wzn888wzn

    wzn888wzn Junior Member

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    first,be careful to check whether if they use real account for example before you buy the EA,demo account not make lot of sense,actually,better not use EA when trading,they all risky,learn yourself from good trader,mange/lower your risk,boost,higher your profit.
     
  16. ayan787

    ayan787 Registered Member

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    No bot can give consistent money for years because no consistent formula exists in forex to get consistent profit. Everyone makes their own strategy to take profit so it will be good if you learn about forex or make JV with someone who is expert in the field. Learning about the forex and apply it will help in the long run.